&lt;Allied-Lyons PLC> will reportsubstantial growth in the second half of fiscal 1987 ended
March 7, chairman Derrick Holden-Brown said in answer to
reporters' queries.
    "You will certainly see substantial growth in Allied-Lyons
in the second half," Holden-Brown said following a presentation
to Toronto securities analysts.
    Holden-Brown declined to say whether second half growth in
profit before taxes would exceed the 20.7 pct rise reported in
the first half. Allied-Lyons had first half profit of 148.0 mln
stg, up from 122.6 mln stg in the prior year.
    Allied-Lyons will also have a full year extraordinary cost
of slightly more than seven mln stg for defence costs
associated with Elders IXL Ltd's failed take-over bid for the
company, Holden-Brown also said.
    But that cost will be more than offset by an extraordinary
gain of about 60 mln stg on Allied-Lyons' sale of its 24.9 pct
interest in Australian brewers Castlemaine Toohey, he said.
    "So with Australians, you win some and you lose some. But
hopefully you win them all in the end," Holden-Brown said.
    Asked if he thought Allied-Lyons is vulnerable to other
take-over attempts, Holden-Brown replied: "No, I don't."
    "We must never be complacent and we must always be very
watchful, but I think we would be very expensive," he said.
    Holden-Brown said Allied-Lyons' share price to corporate
earnings ratio is now comparable with other leading companies
in the food and beverage industry.
    "That was not the case two years ago. If the Australians had
come a little bit earlier, they might have had more luck, I
think," Holden-Brown said.
    Holden-Brown said Allied-Lyons' move to acquire Hiram
Walker-Gooderham and Worts Ltd in March, 1986 during Elders
take-over bid for the company was "100 pct a growth action."
    "We knew when we did it that it could be misconstrued, and
that people almost inevitably would say (the acquisition was)
defensive, but it never was," Holden-Brown told reporters.
    Asked by securities analysts if Allied-Lyons plans a share
issue in Canada after acquiring a 51 pct interest in Hiram
Walker, Holden-Brown responded: "Plan might be too strong a
word. But I must say I do feel the need for Allied-Lyons to be
better known in Canada."
 Reuter
